I posted a chart last night that I wasn't overly satisfied with, so I decided to roll my sleeves up and take a closer look.
I think Bitcoin is trying to take a deep breath after going vertical on this last run and this breather will either take shape in an 'expanded flat' or some type of triangle. If it takes the expanded flat route, then I would suspect a drop to +/- $6800, which needs to hold!!! Or, it could 'high base/triangle' just under the $8000 resistance area and go more sideways without dropping, and then try to push higher.....either way, this breather will help BTC reset in order to give one last push higher - MY TARGET is on the chart! Keep in mind, the 8,000 price target has been met, and there is no guarantee it moves higher, but there remains a really good chance!!! Going to a higher target, would be very positive for Cryptos because it would mean that it has escaped the down trend channel, which is a great starting point!!!! Staying in the down trend channel does NOT bode well for Cryptos!
Feel free to leave a comment or click like!
I think Bitcoin is trying to take a deep breath after going vertical on this last run and this breather will either take shape in an 'expanded flat' or some type of triangle. If it takes the expanded flat route, then I would suspect a drop to +/- $6800, which needs to hold!!! Or, it could 'high base/triangle' just under the $8000 resistance area and go more sideways without dropping, and then try to push higher.....either way, this breather will help BTC reset in order to give one last push higher - MY TARGET is on the chart! Keep in mind, the 8,000 price target has been met, and there is no guarantee it moves higher, but there remains a really good chance!!! Going to a higher target, would be very positive for Cryptos because it would mean that it has escaped the down trend channel, which is a great starting point!!!! Staying in the down trend channel does NOT bode well for Cryptos!
Feel free to leave a comment or click like!
Comment:
So far, an expanded flat it is!!!